Transferring an Italian asset to a trustee of a pre-existing foreign trust or, even simpler, to constitute or declare a trust on Italian assets requires specific knowledge of both Italian and trust law.
Firstly, it is important to stress the fact that, unfortunately, tax law on trust in Italy is not satisfactorily clear. It is, in fact, both regulated by statute laws and various court cases and sometimes taxation could even vary depending on which tax office is going to deal with your operation.
Secondly, it is very common that said Italian assets are land or immovable property (here in Tuscany, for example, there is an entire region colloquially referred to as “Chiantishire”). Therefore, in order to be able to transfer those assets correctly to a trustee, or to declare a trust on them, complying adequately with Italian land registration law is crucial. This is, in fact, the only way to lawfully transfer property, and consequently to effectively protect your assets.
It should be known that failing to correctly evaluate these two key aspects could, and almost certainly would, end up in litigation.
It is also important to remember that Italy has not yet drafted any statute law on trust, meaning that all its legal aspects are left to be dealt in Courts and with lawyers. Therefore, having an Italian lawyer who is an expert on both English trust law and, of course, Italian law is essential.